Debt Free Living Today: Planning is Key

Many men and women in America are asking: "How to be debt free?" For starters, establishing a savings plan is a critical component of debt free living. Short-term plans might include the creation of an emergency fund. Mid-range plans may revolve around saving money for a vacation or a new car. Long-range plans may include preparing for educational expenses and retirement. If an individual does not enact a system of consistent savings then chances are quite high that adequate funds will not be available when they are needed. The consequences may include foregoing a purchase, delaying retirement, increasing the use of credit and increasing levels of debt. Over all these factors may result in a diminished quality of life.

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One important way to ensure debt free living is to hire a qualified financial advisor. A financial advisor is a professional who can offer expert advice on forming a saving plan and on carrying it out to meet your financial goals. There are literally thousands of financial advisors from which to choose, so how do you know who is the right one for you?

• Examine the fees. Some financial advisors cater to the affluent and their fees (or commissions) are priced accordingly. Determine in advance what you are willing to pay.

• Examine their background. Find out about the advisor's experience. Ask if they belong to any professional associations.

• Ask friends and associates for referrals. If they are happy with their financial advisor then the chances are good that you will be too.

• Determine their investment philosophy. If there philosophy is not in line with your level of risk tolerance than it might not be a good match.

• Investigate how often the advisor will send updates on your investments. It is important to stay informed on how your investments are performing.

• Do not be afraid to ask for references. If an advisor has done a good job of helping other clients with their investments then he should not have a problem allowing you to talk to them. A refusal to produce a referral should raise a red flag.

Finding a qualified financial advisor that you are comfortable may take some hard work. However, the end results are well worth the effort. The outcome could be a long term business relationship which helps meet (and exceed) your financial goals. Start living debt free for good and for life!

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About the author:

Mark Carney is a professional consultant with First American Debt Consolidation and Loans, a debt consolidation service specializing in financial education, credit counseling, and debt management services.